HVL reports 18% jump in Q1 net profit

Total income drops marginally to Rs 25.46 crore

BestMediaInfo Bureau | Mumbai | August 14, 2014

Hinduja Ventures Ltd, according to a press release sent by the board to the stock exchanges, has reported 18% growth in net profit to Rs 22.14 crore in the quarter ending June 30, 2014 from the reported Rs 18.74 crore in the corresponding previous quarter.

However, total income dipped 4% to Rs 25.46 crore from Rs 26.62 crore in the same period in the previous fiscal.

Meanwhile, Amar Chintopanth has been appointed as Chief Financial Officer (CFO) of the company.

HVL has decided to launch a â€˜white label serviceâ€™ model to the large number of cable operators / independent operators through Head-end in the Sky (HITS) model. Through HITS, the company will provide quality backend services stipulated by TRAI. Accordingly, HVL, through its wholly owned subsidiary GIL, applied for and has received the HITS permission from Ministry of Information & Broadcasting (MIB) in March 2014. With requisite clearances, the project is expected to be operational in January-March 2015.

Moreover, IndusInd Media & Communications Limited (IMCL) has successfully met the requirements of Phase I and II of the digitisation programme. The company is now gearing up to meet the demands of phase III and IV of the digitisation programme expected to commence in the fourth quarter of the current financial year.